The proposal to create a
central business district originated in 1997 when Allied London purchased a number of buildings around the
John Rylands Library. Allied London executive
Mike Ingall was convinced of the site's regeneration potential and
Manchester City Council was keen to redevelop the city centre after the
1996 Manchester bombing. The development, named from a narrow street which ran westwards from Deansgate, is bounded by Bridge Street to the north,
Quay Street to the south, Deansgate to the east, and the River Irwell to the west. The
Financial Times said in 2012 that the development spread over and contained of office space. By 2008, many had been completed and others were under construction or in the planning stages. The structural, civil and geo-environmental engineers were Capita Symonds Structures based in
Cheadle Hulme. Following the demolition of the old Manchester Magistrates' Court in 2006, the vacant space became Hardman Square, a new public realm area created in the centre of Spinningfields. The area was never intended to be a permanent public space, but Allied London later decided not to develop on the land and instead leave it as a green area within Spinningfields. The
2008 financial crisis resulted in Allied London almost leaving the development half-completed, but the company reached an agreement with the city council who bought the
freeholds of 1 and 2 Hardman Square and 2 and 3 Hardman Boulevard which allowed the development to proceed. Deborah Linton of the
Manchester Evening News claimed the cost of the freeholds would be in the region of £15 million; and it later emerged that £15.9 million was paid. Allied London marketed Spinningfields' retail area as a "
Knightsbridge of the North" after letting 2 Spinningfields Square (renamed 1 The Avenue) to
Emporio Armani and
Armani Collezioni. The scheme's flagship thoroughfare, The Avenue, was created to attract high-end stores, traditionally based on nearby
King Street. The project has come under scrutiny due to its performance, with the
Manchester Evening News describing The Avenue as a "
ghost town", whilst contrasting its performance with the thriving businesses in the bohemian
Northern Quarter elsewhere in the city. A large number of firms in Spinningfields were noted to be financial and professional services companies. Mike Ingall described it as "a watershed for the restart of commercial development at the estate, which has been on hold since the completion of 3 Hardman Street in 2009". Planning permission was granted for the 10-storey building in January 2014. Allied London began construction after securing a £15m loan towards the building; the North West Evergreen Fund provided £10m and
Greater Manchester Combined Authority's Growing Places fund supplied £5m. In March 2016, with the building – renamed as XYZ – nearing completion and fully pre-let, Allied London sold it to
Union Investment for £85 million. Also in January 2014, Allied London submitted plans for the demolition of Quay House and the construction of
Number One Spinningfields, a 19-storey high-rise designed by
SimpsonHaugh and Partners. The building provides over of office space and features a restaurant on the top floor. Ingall stated that "No 1 Spinningfields will be the district's most imposing building to date and one of Manchester's most stand-out office buildings". Allied London agreed to a pre-let with
PwC for in March 2015, with demolition of Quay House beginning thereafter. In February 2017, the building
topped out, with full completion scheduled for July. == Present day ==